Buying a fixer upper property is a big commitment. For some homeowners, it can also be a bit scary. Before going through with the purchase, it's important to know what kind of repairs a property will need and how much money those repairs will cost. After identifying issues on the property, working with contractors and professionals can help you decide whether or not a property is right for you. These tips will help you move forward with the process.
Get An Inspection
When you're thinking about buying a fixer upper, the first step after viewing the house is to get an inspection. A professional inspector can help you identify problems with the property that might otherwise go unnoticed. When the inspector walks through the house, walk with him or her to ask questions and listen to your inspector's comments.
Your inspector should write up a thorough report after he or she has gone through the Towerhill house, but being there at the time of the inspection gives you an opportunity to ask questions and learn from your inspector. As your inspector identifies problems, ask questions like:
- What would you do to fix this problem?
- Would you buy a home with this problem?
- How much would a problem like this cost to fix?
- What will happen if this problem isn't fixed right away?
Meet With Contractors
Once you know what type of repairs need to be made on (or before) move in, start meeting with contractors at the home. Get quotes for the repairs. As you meet with contractors, ask questions about how they would make the repairs, what tools they would use and how much time the repairs will take to make. This can help you gauge which repairs can be made as a DIY project and which repairs must be done by a professional.
Formulate a Budget
Home repairs can cost a lot of money. If after meeting with the home inspector and the contractors you're still planning to purchase the fixer upper, it's time to make a budget. This will help you determine whether or not you have enough money to purchase the home and make the repairs. Take into account the costs quoted by the contractors. If you're planning to make repairs on your own, don't forget to account for the cost of materials and tools.
Know Your Limitations
To save money, many homeowners like to make their own upgrades. If you're thinking about making your own home repairs after purchasing a fixer upper, it's important to know your limitations. Projects that involve electrical work, for example, can put homeowners in danger if the job isn't done properly.
If you're an inexperienced DIY, stick to basic home improvements to avoid injury. If you're not sure whether or not a project should be done by a contractor, contact a professional to discuss the details of the project. Your contractor can help you determine whether or not a project should be done by you or a contractor.
Work With Your Real Estate Professional
Buying a fixer upper can be stressful and challenging. Working with your real estate professional can help ensure that the home you buy is the right property for you. Your real estate professional can help you negotiate a fair price for the property and can also help you avoid buying a property that needs more work than you're able to handle. To get started, contact a reputable real estate agent today.